Exporters from Vietnam are targeting the export markets in Africa considering that these markets have enormous potential.
Exporters from Vietnam are targeting the export markets in Africa considering that these markets have enormous potential still left untapped as their commodity demand is huge and non-fussy customers makes promoting trade there considerably easy. The country will be registering yearly export increase of around 23 percent from the year 2006 to the year 2010 with entire turnovers from export to reach almost US$ 2.8 billion in 2010 from African market, as per the news published on Thanhnien News.
The markets in continent include Morocco, South Africa, Tanzania and Egypt that are attracted to Vietnamese commodities as seafood, furnishings, mechanical and electrical products, handiwork and farm product.
According to Dinh Xuan Luu, head of the Foreign Affair Ministry's Africa and Western Asia Department, the figure might be double or even triple if more marketing and domestic exporters & trade agencies undertake trade promotion efforts. Commodity demand in Africa is huge and growing, adding that requirements on price and quality were not as stern as other markets.
Key export products of Vietnam to African countries are machinery and mechanical appliances, footwear and vegetable products, textiles, and mineral products. Freshly, the demand for some products like rice, handicrafts, coffee, and footwear has increased in African countries, hence African Embassy considers this development to be an indicator of African customers' satisfaction over the quality of Vietnamese exports.
Another progress is raising exports to South Africa of Vietnamese rice that shares almost 50 percent of Vietnamese export earnings. Though, the majority of this rice is, sequentially, re-exported to other countries like the South Africa Development Community (SADC) and another West African nations. South Africa thus acts as entryway for Vietnamese commodities into Africa.
As per the research analyst at RNCOS, "South Africa has the population above 40 million, and it is taken as Africa's largest developed economy and consequently characterizes enormous potential for Vietnamese projects. Exports are anticipated to preserve vigorous expansion, aided by Vietnam's association in WTO earlier current year. As Vietnam plans to export $ 100 billion value of commodities by the year 2010, the objective is in harmony with actuality that experts throughout the world have assessed Vietnam's business atmosphere as amongst the most vigorously progressive in this region".
